Business Finance
Accounting 403 Auditing I

Question Description

I need support with this Accounting question so I can learn better.

  • Discuss the difference between a subsequent event and a subsequent discovery of facts, and determine the auditor's responsibility for each event after the audit report is complete. Support your position.
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    Final Answer

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    Subsequent events are the events occurring between the date of financial statements and the date of the auditors report, whereas the subsequent discovery of facts is an event where the facts became known to the auditors after the exact date of the auditors report.

    In subsequent events, the auditor should perform all the procedures he/she's entitled to for an appropriate audit evidence, through the financial statements provided and these procedures should be laid in paragraphs so that they cover the period of the business operation. In subsequent discovery of facts, the auditor is never allowed or required to perform any audit procedures regarding the financial statements after the date of the auditors report.

    Please let me know if you need any clarification. I'm always happy to answer your questions.

    Caty (356)
    New York University

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